Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Binance Receives License to Offer More Crypto Services in Dubai – Exchanges Bitcoin News
Cryptocurrency Binance has received another license from Dubai’s crypto regulator. Binance can now offer more crypto-related services in Dubai.
Binance’s new license in Dubai
Cryptocurrency Binance announced on Wednesday that it has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The announcement describes that in addition to allowing Binance to “open a client money account in a domestic bank,” having an MVP license means:
Binance may offer an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai.
The approved services are crypto exchange services, conversion between cryptocurrencies and fiat currencies, crypto asset transfer, custody and administration, virtual token offerings and trading services, and payment and remittance services.
VARA, established in March under the Dubai Virtual Asset Regulation Law, is responsible for the licensing and regulation of the crypto sector in the Emirate of Dubai and its free zone territories (excluding the DIFC) under UAE law. Binance received a preliminary license from VARA in March, which allowed the exchange to offer limited crypto services.
His Excellency Helal Saeed Almarri, Chairman of VARA, said:
We are pleased to have Binance licensed to operate within the VARA MVP program.
“VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment to creating a next-generation secure ecosystem for this future economy,” he added.
Changpeng Zhao (CZ), founder and CEO of Binance, commented:
At Binance, we welcome regulations that are globally consistent, enable responsible innovation, protect users and give them choice.
Binance has expanded its presence in Europe, with local units in the MENA region and across Europe in Italy, France and Spain.
What do you think about Binance getting a license to offer more services in Dubai? Let us know in the comments section below.
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